Charleston industrial market report
Q1 2024
The Charleston industrial market is experiencing increased inventory and negative absorption, with tenant demand not outpacing the recent surge in supply.
2.5 msf
New inventory breaking ground in 2024
The boom in construction starts seen in 2022 has subsided, with only around 2.5 million square feet of industrial space anticipated to break ground in 2024.
-515k sf
Net absorption (YTD)
The Charleston industrial market saw negative absorption for the first time since 2020.
$8.89
Average base rent rate (psf/NNN)
The average base rent for year-to-date 2024 is trending down by 6.0% compared to 2023, although it is still significantly greater than the average asking rate of $7.94.
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